{"id":4641782,"date":"2025-04-01T10:54:43","date_gmt":"2025-04-01T14:54:43","guid":{"rendered":"https:\/\/www.forest-trends.org\/?post_type=rd_series&#038;p=4641782"},"modified":"2025-04-22T16:55:07","modified_gmt":"2025-04-22T20:55:07","slug":"resilience-dispatch-40-natures-investment-frontier","status":"publish","type":"rd_series","link":"https:\/\/www.forest-trends.org\/rd_series\/resilience-dispatch-40-natures-investment-frontier\/","title":{"rendered":"Resilience Dispatch #40: Nature&#8217;s Investment Frontier"},"content":{"rendered":"<table id=\"bodyTable\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; height: 100%; margin: 0; padding: 0; width: 100%; background-color: #fafafa;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td id=\"bodyCell\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; height: 100%; margin: 0; padding: 0; width: 100%; border-top: 0;\" align=\"center\" valign=\"top\">\n<table style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td id=\"templateHeader\" style=\"background: #ffffff none no-repeat center\/cover; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; background-color: #ffffff; background-image: none; background-repeat: no-repeat; background-position: center; background-size: cover; border-top: 0; border-bottom: 0; padding-top: 9px; padding-bottom: 0;\" align=\"center\" valign=\"top\">\n<table class=\"templateContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; max-width: 600px !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td class=\"headerContainer\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionBottomContent mcnBlockFloatLeft\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionBottomImageContent\" style=\"padding: 0 9px 9px 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"center\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/76aa98c4-264a-3390-8029-7c43247ad118.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 9px; font-family: Lora, Georgia, 'Times New Roman', serif; text-align: right; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #00303d; font-size: 20px; line-height: 150%;\" valign=\"top\" width=\"564\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td id=\"templateUpperBody\" style=\"background: #ffffff none no-repeat center\/cover; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; background-color: #ffffff; background-image: none; background-repeat: no-repeat; background-position: center; background-size: cover; border-top: 0; border-bottom: 0; padding-top: 0; padding-bottom: 0;\" align=\"center\" valign=\"top\">\n<table class=\"templateContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; max-width: 600px !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td class=\"bodyContainer\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Photo credit: Lucia Carolina Larrea<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 15px 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnBoxedTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnBoxedTextBlockOuter\">\n<tr>\n<td class=\"mcnBoxedTextBlockInner\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnBoxedTextContentContainer\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; padding: 9px 18px 9px 18px;\">\n<table class=\"mcnTextContentContainer\" style=\"min-width: 100% !important; background-color: #3d5422; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 18px; color: #f2f2f2; font-family: Helvetica; font-size: 16px; font-weight: normal; line-height: 100%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word;\" valign=\"top\"><span style=\"color: #ffffff;\"><span style=\"font-size: 16px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\"><strong>In this edition: <\/strong><\/span><\/span>Nature&#8217;s investment frontier:\u00a0Practical paths forward for biodiversity markets and finance<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; line-height: 150%; text-align: left;\" valign=\"top\">\n<div><span style=\"font-size: 16px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\"><strong>Missed our last Dispatch?<\/strong>\u00a0<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.forest-trends.org\/rd_series\/resilience-dispatch-39-our-impact-in-2024\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">Our impact in 2024<\/a><\/span><\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnBoxedTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnBoxedTextBlockOuter\">\n<tr>\n<td class=\"mcnBoxedTextBlockInner\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnBoxedTextContentContainer\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; padding: 9px 18px 9px 18px;\">\n<table class=\"mcnTextContentContainer\" style=\"min-width: 100% !important; border: 3px solid #006666; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 18px; color: #222222; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 16px; font-weight: normal; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; line-height: 150%;\" valign=\"top\">\n<h4 class=\"null\" style=\"display: block; margin: 0; padding: 0; color: #006666; font-family: 'Lora', Georgia, 'Times New Roman', serif; font-size: 18px; font-style: normal; font-weight: bold; line-height: 125%; letter-spacing: normal; text-align: left;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">In this edition<\/span><\/h4>\n<ul>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#INTRO\" target=\"_blank\" rel=\"noopener\">Introduction:\u00a0Nature&#8217;s investment frontier<\/a><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><span style=\"font-size: 16px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#foreword\" target=\"_blank\" rel=\"noopener\">Foreword: Practical paths forward for biodiversity markets and finance<\/a> (<\/span><em><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">Ricardo Bayon, Kate Hamilton, Yuejia Peng, David Tepper, Michael Jenkins, and Genevieve Bennett)<\/span><\/em><\/span><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#Rulebook\" target=\"_blank\" rel=\"noopener\">Nature\u2019s rulebook: Biodiversity&#8217;s unique position in environmental finance<\/a> <em>(Genevieve Bennett)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#Delinking\" target=\"_blank\" rel=\"noopener\">Offsets and investments: Thoughts on de-linking economic development and biodiversity loss <\/a><em>(Adam Davis)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#Infrastructure\" target=\"_blank\" rel=\"noopener\">How we harness an infrastructure boom to close the biodiversity finance gap<\/a> <em>(Mariana Sarmiento, Charles Bedford, and Dr. Timothy Male)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#DFD\" target=\"_blank\" rel=\"noopener\">Design for demand: What actually drives private finance for nature?<\/a> <em>(Ben Guillon and Genevieve Bennett)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#No shortcuts\" target=\"_blank\" rel=\"noopener\">No shortcuts to nature positive <\/a><em>(Martine Maron, Fabien Qu\u00e9tier, and Amrei Von Hase)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#Beetles\" target=\"_blank\" rel=\"noopener\">Beetles in a pay stack: Stacking and bundling in biodiversity credit markets<\/a> <em>(Julia McCarthy and Ryan Sarsfield)<\/em><\/li>\n<li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"#foundational concepts\" target=\"_blank\" rel=\"noopener\">Foundational concepts in biodiversity markets<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; line-height: 150%; text-align: left;\" valign=\"top\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; margin: 10px 0; padding: 0; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #202020; line-height: 150%; text-align: left;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\"><span style=\"color: #3d5422;\"><span style=\"font-size: 20px;\"><strong style=\"color: #00303d;\">INTRODUCTION: NATURE&#8217;S INVESTMENT FRONTIER<\/strong><strong>\u00a0<\/strong><\/span><\/span><span style=\"color: #00303d;\"><span style=\"font-size: 20px;\"><strong><a id=\"INTRO\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"INTRO\"><\/a><\/strong><\/span><\/span><\/span><\/p>\n<p><span style=\"font-family: lora,georgia,times new roman,serif;\"><span style=\"font-size: 15px;\">Dear friends,<\/span><\/span><\/p>\n<p>Biodiversity-based investment themes are suddenly in the spotlight, after years of feeling like a bit of an understudy to the carbon market. Given a ballooning finance gap for nature, and the obvious materiality of nature risk to business, there is renewed interest in economic instruments that can drive private investment toward interventions to avert biodiversity loss or restore degraded ecosystems, and in doing so generate attractive cash flows.<\/p>\n<p>Hopes are high for new economic growth models based on restoration and regeneration\u2014a whole \u201crestoration economy,\u201d with jobs that would be difficult to outsource, roboticize, or replace with AI (although new technology can certainly drive better results at scale). This is already happening in the United States, where ecological restoration now employs more people than coal mining.<\/p>\n<p>It\u2019s a future worth pursuing. The current capitalist economic system is one of the most powerful human achievements. Without it, our modern world wouldn&#8217;t exist. But it has a potentially fatal flaw: it&#8217;s blind to the older operating system that runs life on Earth\u2014the interconnected web of living systems in forests, coral reefs, wetlands, and all ecosystems. This &#8220;NatureOS&#8221; makes life possible. Yet, unless nature&#8217;s products become &#8220;natural resources&#8221; (wood, food, minerals), our \u201cEconomyOS\u201d doesn&#8217;t consider them valuable.<\/p>\n<p><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">This report<\/a> offers some perspectives from experts in biodiversity and nature finance on what the forward path looks like to reconnect these systems, and specifically to drive more private investment into nature and biodiversity. It begins with a look back on what we\u2019ve learned. After all, these economic instruments have been around for decades. The first habitat credit banks appeared in the United States in the early 1980s.<\/p>\n<p>There are sizeable opportunities on the horizon, connected to a wave of new infrastructure investment\u00a0globally to expand that model to new geographies, as Mariana Sarmiento, Charles Bedford, and Dr. Timothy Male argue. But a reality check is due on what is likely to really attract demand, Ben Guillon and I argue. A \u201cField of Dreams\u201d mentality (\u201cIf you build it, they will come\u201d) is likely to get entrepreneurs in trouble.<\/p>\n<p>On the demand side, biodiversity credits and other conservation assets offer a path to not simply fix the damage, but go \u201cnature positive\u201d by creating more nature than there was before. These ambitions need to be grounded in the mitigation hierarchy, or credits could be used for greenwashing, warn Martine Maron, Fabien Qu\u00e9tier, and Amrei von Hase.<\/p>\n<p>Biodiversity might lend itself well to being \u201cstacked\u201d with or \u201cstapled on\u201d to other investments in carbon and value chains. Julia McCarthy and Ryan Sarsfield (&#8220;Beetles in a pay stack,\u201d page 33) offer a useful framework for thinking about how to do this effectively.<\/p>\n<p><a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">This report<\/a> is ultimately a set of perspectives from people with a collective century\u2019s worth of experience in biodiversity markets. It offers no \u201csilver bullet\u201d solutions, and you may not agree with all of it; I doubt all of the authors agree with one another on some of the issues raised. We hope you\u2019ll find it thought-provoking, and more importantly, useful in doing good work.<span style=\"font-size: 15px;\"> A special thanks to Ecosystem Marketplace&#8217;s Advisory Group (Ricardo Bayon, Kate Hamilton, Yuejia Peng, and David Tepper) for their support on this work.<\/span><\/p>\n<p>Michael Jenkins and Genevieve Bennett<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom; width: 176px;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/48ad6e6a-fb29-d0e7-6ba7-f7e1fdbceaf7.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionLeftTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"foreword\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"foreword\"><\/a>Foreword: Practical paths forward for biodiversity markets and finance<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">Ricardo Bayon, Kate Hamilton, Yuejia Peng, David Tepper, Michael Jenkins, and Genevieve Bennett<\/span><\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">Our economic system does not typically value nature unless it becomes &#8220;natural resources.&#8221; People have tried numerous solutions to bring more value to nature over the years, yet they all still seem to operate in silos, with little time spent looking across markets or considering the broader view. In this report, we are excited to bring this broader view to the table.\u00a0<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 2.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom; width: 176px;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/dfa161ce-6244-ea76-6d10-6b287a4efc4e.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionRightTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><a id=\"Rulebook\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"Rulebook\"><\/a><span style=\"font-size: 18px;\"><strong>Nature&#8217;s rulebook: Biodiversity&#8217;s unique position in environmental finance<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Genevieve Bennett<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">There are important differences between carbon and biodiversity as conservation asset class categories. To explain those differences, it\u2019s helpful to ask a basic question: What are\u00a0environmental markets <em>for<\/em>? It turns out there are actually two different blueprints when you look at the history of market-based mechanisms driving value to nature. <a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 4.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Photo credit: Lucia Carolina Larrea<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"width: 176px; max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/178a9c5f-1570-873f-35ff-999db2655d7a.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionLeftTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"Delinking\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"Delinking\"><\/a>Offsets and investments: Thoughts on de-linking economic development and biodiversity loss<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Adam Davis<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">As the author grapples with the challenges of building a business and making investments, the \u201cBig Problem\u201d is how inadequate the available financial resources for nature are, compared to the resources for destructive and damaging human activity. Provided is a discussion on\u00a0the concept of mitigating harm from economic activity. <a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 12.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom; width: 176px;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/fd2130b8-8d7f-5c0c-d239-ada5e3bdeede.png\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionRightTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"Infrastructure\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"Infrastructure\"><\/a>How we harness an infrastructure boom to close the biodiversity finance gap<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Mariana Sarmiento, Charles Bedford, and Dr. Timothy Male<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">Global-record levels of investment in infrastructure are, ironically, posing a massive threat to our planet\u2019s infrastructure.\u00a0With this uptick, especially in investments aligned with the Sustainable Development Goals, the timing is opportune to develop habitat banking systems into robust parts of the infrastructure finance landscape\u2014delivering faster, more cost-effective, and more durable ecological restoration.\u00a0<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 18.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"width: 176px; max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/e9e18f8d-5583-5ef4-edec-db17ad2b9e0e.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionLeftTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"DFD\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"DFD\"><\/a>Design for demand: What actually drives private finance for nature?<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Ben Guillon and Genevieve Bennett<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">Conservation finance often follows a flawed development path. Projects typically start with worthy ecological goals, then attempt to retrofit market demand, rather than starting with understanding who might pay and why. Instead of asking, &#8220;How can we fund this important conservation project?&#8221; we should ask, &#8220;How might we create environmental solutions that deliver enough value for specific customers that they would pay for them?&#8221;. [<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">Keep reading on page 22.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: right; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Photo credit: Lucia Carolina Larrea<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionRightImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionRightImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/fe3f19e1-6d4a-149a-064f-2fc1d34b1c7d.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionRightTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"No shortcuts\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"No shortcuts\"><\/a>No shortcuts to nature positive<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Martine Maron, Fabien Qu\u00e9tier, and Amrei Von Hase<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">There\u2019s high energy out there these days around biodiversity crediting as a tool to achieve \u201cnature positive\u201d goals. But for \u201cnature positive\u201d to succeed, it must build on lessons learned and avoid some of the stumbles of the voluntary carbon market.\u00a0<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 30.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Photo credit: Roshni Lodhia for The Nature Conservancy<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftContentOuter\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftContentInner\" style=\"padding: 0 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnCaptionLeftImageContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: right; width: 176px;\" border=\"0\" width=\"176\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionLeftImageContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" align=\"left\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; vertical-align: bottom;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/530f3050-5b8c-5b50-0f39-33d61c66f76d.jpg\" alt=\"\" width=\"176\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionLeftTextContentContainer\" style=\"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left; width: 352px;\" border=\"0\" width=\"352\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 18px;\"><strong><a id=\"Beetles\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"Beetles\"><\/a>Beetles in a pay stack: Stacking and bundling in biodiversity credit markets<\/strong><\/span><\/p>\n<p><em><span style=\"font-size: 14px;\">Julia McCarthy and Ryan Sarsfield<\/span><\/em><\/p>\n<p><span style=\"font-size: 14px;\">What good is an ecosystem? Or rather, what goods are an ecosystem? Clean water and air, climate regulation, flood and erosion management, biodiversity, and on and on. Can we value just one enough to get the rest for free? Should we put a price on each one and sell them separately?\u00a0Here we\u2019ll have a crack at untangling how bundling and stacking fit into the growing biodiversity credit market using examples from the US and UK.\u00a0<a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">[Keep reading on page 33.]<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnBoxedTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnBoxedTextBlockOuter\">\n<tr>\n<td class=\"mcnBoxedTextBlockInner\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnBoxedTextContentContainer\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; padding: 9px 18px 9px 18px;\">\n<table class=\"mcnTextContentContainer\" style=\"min-width: 100% !important; background-color: #3d5422; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 18px; color: #f2f2f2; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 24px; font-weight: normal; text-align: center; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; line-height: 150%;\" valign=\"top\"><span style=\"font-size: 20px;\"><strong>A FEW FOUNDATIONAL CONCEPTS<a id=\"foundational concepts\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" name=\"foundational concepts\"><\/a><\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; line-height: 150%; text-align: left; padding: 0 18px 9px 18px;\" valign=\"top\"><span style=\"font-size: 15px;\">Biodiversity markets are rapidly evolving. Below, we&#8217;ve outlined a few foundational concepts that are important to set the scene. For a full overview, <a style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #006666; font-weight: normal; text-decoration: underline;\" href=\"https:\/\/www.ecosystemmarketplace.com\/publications\/natures-investment-frontier\/?utm_source=RD40&amp;utm_medium=email&amp;utm_campaign=RD_biodiversity\" target=\"_blank\" rel=\"noopener\">see page eight of <em>Nature&#8217;s investment frontier: Practical paths forward for biodiversity markets and finance<\/em><\/a>.<\/span><\/p>\n<p><strong><span style=\"color: #00303d;\"><span style=\"font-size: 20px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">THE MITIGATION HIERARCHY<\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"font-size: 15px;\">When a development project is likely to have negative impacts on biodiversity, project designers and regulators can follow these steps to avoid, minimize, and rehabilitate negative impacts, and then offset or compensate for any remaining damage. Although development projects with net-negative impacts to biodiversity might still be approved if there is overriding public interest, the idea is to divert development from places that are more biologically valuable and encourage development in places where impacts are relatively low.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; line-height: 150%; text-align: left; padding: 0 18px 9px 18px;\" valign=\"top\">\n<div style=\"text-align: center;\"><strong><span style=\"font-size: 18px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">Figure 1. The mitigation hierarchy<\/span><\/span><\/strong><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnImageBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnImageBlockOuter\">\n<tr>\n<td class=\"mcnImageBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnImageContentContainer\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnImageContent\" style=\"text-align: center; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; padding: 0 9px 0 9px;\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; padding-bottom: 0; display: inline !important; vertical-align: bottom; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: 564px;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/c44613f2-8dd7-e60f-c9c9-a3f233917b5c.png\" alt=\"\" width=\"564\" align=\"center\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Source: Forest Trends 2025.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; line-height: 150%; text-align: left; padding: 0 18px 9px 18px;\" valign=\"top\"><strong><span style=\"color: #00303d;\"><span style=\"font-size: 20px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">OFFSETS AND COMPENSATION<\/span><\/span><\/span><\/strong><\/p>\n<p>Offsets should be used only as a last resort. They refer to actions taken to compensate for quantified residual adverse impacts to species, habitat quality, ecological function, and\/or ecosystem services that cannot be avoided, minimized, and\/or rehabilitated. Offsets might take the form of restoration of degraded ecosystems, creation of new ecosystems or habitats, or protecting existing high-quality ecosystems at risk of degradation or loss (also known as an \u201caverted risk\u201d approach).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnDividerBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; table-layout: fixed !important;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnDividerBlockOuter\">\n<tr>\n<td class=\"mcnDividerBlockInner\" style=\"min-width: 100%; padding: 18px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; line-height: 150%; text-align: left; padding: 0 18px 9px 18px;\" valign=\"top\"><strong><span style=\"color: #00303d;\"><span style=\"font-size: 20px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">CREDITS<\/span><\/span><\/span><\/strong><\/p>\n<p>Like offsets, credits are a measurable unit of biodiversity outcome which is both durable and additional. However, they refer to purely positive outcomes: there is no explicit connection to a negative impact somewhere in the world requiring compensation. As a result, the equivalence (\u201clike for like\u201d) requirement we find in biodiversity offsetting best practices doesn\u2019t apply. Credits should enter the picture only in the context of the process the mitigation hierarchy sets out.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px; line-height: 150%; text-align: left; padding: 0 18px 9px 18px;\" valign=\"top\">\n<div style=\"text-align: center;\"><strong><span style=\"font-size: 18px;\"><span style=\"font-family: helvetica neue,helvetica,arial,verdana,sans-serif;\">Figure 2. Biodiversity credits versus biodiversity offsets and compensation<\/span><\/span><\/strong><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnImageBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnImageBlockOuter\">\n<tr>\n<td class=\"mcnImageBlockInner\" style=\"padding: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnImageContentContainer\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnImageContent\" style=\"text-align: center; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; padding: 0 9px 0 9px;\" valign=\"top\"><img decoding=\"async\" class=\"mcnImage\" style=\"max-width: 100%; padding-bottom: 0; display: inline !important; vertical-align: bottom; border: 0; height: auto; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; width: 564px;\" src=\"https:\/\/mcusercontent.com\/cff95aefc075dc49e7553805f\/images\/8fb6c80a-8714-fdc9-c4eb-2d03c4e016be.png\" alt=\"\" width=\"564\" align=\"center\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnTextBlock\" style=\"min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" style=\"padding-top: 9px; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" style=\"max-width: 100%; min-width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; float: left;\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" style=\"padding: 0px 18px 9px; line-height: 125%; text-align: left; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; word-break: break-word; color: #202020; font-family: 'Helvetica Neue', Helvetica, Arial, Verdana, sans-serif; font-size: 15px;\" valign=\"top\"><span style=\"font-size: 12px;\">Source: Forest Trends 2025.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td id=\"templateColumns\" style=\"background: #ffffff none no-repeat center\/cover; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; background-color: #ffffff; background-image: none; background-repeat: no-repeat; background-position: center; background-size: cover; border-top: 0; border-bottom: 0; padding-top: 0; padding-bottom: 0;\" align=\"center\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td id=\"templateLowerBody\" style=\"background: #ffffff none no-repeat center\/cover; mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; background-color: #ffffff; background-image: none; background-repeat: no-repeat; background-position: center; background-size: cover; border-top: 0; border-bottom: 2px solid #EAEAEA; padding-top: 0; padding-bottom: 9px;\" align=\"center\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"<p>Photo credit: Lucia Carolina Larrea In this edition: Nature&#8217;s investment frontier:\u00a0Practical paths forward for biodiversity markets and finance Missed our last Dispatch?\u00a0Our impact in 2024 In this edition Introduction:\u00a0Nature&#8217;s investment frontier Foreword: Practical paths forward for biodiversity markets and finance (Ricardo Bayon, Kate Hamilton, Yuejia Peng, David Tepper, Michael Jenkins, and Genevieve Bennett) Nature\u2019s rulebook: [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":4641786,"template":"","coauthors":[303],"class_list":["post-4641782","rd_series","type-rd_series","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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